Generative AI Solutions Corp. (“GenAI” or the “Company”) (CSE: AICO) (OTCQB: AICOF) announces that it has entered into an asset purchase agreement (the “Purchase Agreement“) to acquire certain intellectual property assets (the “Transaction“).
The Company is pleased to announce that it’s subsidiary, 1431885 B.C. Ltd. (“Company Subco“), has entered into the Purchase Agreement dated August 14, 2023 with Metachain Technologies Inc. (“Metachain“) to acquire certain intellectual property assets (the “IP Assets“) from Metachain, which include all intellectual property rights, source code, interface and other elements of a software package required to operate an artificial intelligence (“AI“) asset which will function as a virtual assistant mobile application (the “App“) expected to be marketed under the name “SpeakGPT”. In particular, the IP Assets will include:
App Light Paper: The detailed documentation, commonly known as the light paper, provides an overview of the App’s features, functionality, and technical specifications, serving as a valuable resource for understanding the conceptualization and design of SpeakGPT.
Text-to-Speech Implementation: A robust text-to-speech functionality has been built into the SpeakGPT prototype using an open-source library, ensuring flexibility, accessibility, and compatibility with multiple languages. This implementation involves a text-to-speech model that is expected to run on the Company’s and Metachain’s servers, providing several benefits, including cost savings. By utilizing in-house solutions, the Company expects to avoid additional expenses associated with paying for third-party services for text-to-speech functionality.
Source Code – GitHub Repository: The complete source code for SpeakGPT, including all code modules and files necessary for building, modifying, and enhancing the application, will be transferred to the Company Subco via a GitHub repository. With access to the source code, Company Subco will have full control and ownership of the technology powering SpeakGPT.
Prototype App for iOS and Android: The prototype version of SpeakGPT is fully functional and compatible with both iOS and Android platforms. It demonstrates the core features, including the ChatGPT API integration, animated visual interactions, and the text-to-speech functionality. The prototype serves as a solid foundation for further development and refinement.
Among other things, the App is expected to enable users to export materials in various formats (PDF files, images, text files) through voice commands, enhancing convenience and productivity, and will have multilingual voice support and voice options to cater to a global user base, promoting inclusivity and user satisfaction.
Pursuant to the terms of the Purchase Agreement, the total consideration payable by the Company is $60,000 USD, which will be settled through the payment on closing by the Company Subco of $50,000 USD in cash and 300 common shares of the Company Subco at a deemed price of USD$33.33 per common share, representing 30% of the issued and outstanding equity securities of the Company Subco.
The Company Subco was formed as a special purpose vehicle for the purpose of acquiring the IP Assets from Metachain. Prior to the closing of the acquisition of the IP Assets, the Company Subco will at all times be a wholly owned subsidiary of the Company, and following the closing of the acquisition of the IP Assets, the Company will hold 70% of the equity interest of the Company Subco.
It is expected that the acquisition of the IP Assets will close on or about August 21, 2023.
On Behalf of the Board,
Ryan Selby
CEO, Director, and Chairman of the Board
Generative AI Solutions Corp.
Toll-free North America: +1-833-879-7632
Outside North America: +1-406-879-7632
info@genai-solutions.com
www.genai-solutions.com
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